(Bloomberg) -- US pipeline operator Oneok Inc. and BMW AG are leading six companies selling investment-grade bonds on Wednesday as issuers squeeze in more sales before the typical summer slowdown likely brings issuance to a halt later this month.
Oneok plans to sell three-part, dollar-denominated senior unsecured notes while BMW — through its subsidiary BMW US Capital — is looking to price dollar-denominated debt in a four-tranche offering.
US high-grade bond sales were maintaining tempo Wednesday, with activity picking up after last Friday's employment report fueled a sharp rally for Treasuries and sent all-in corporate funding costs lower.
The credit backdrop is generally favorable with investment-grade yields unchanged Tuesday at 4.93% while spreads remained at 0.8 percentage point above Treasuries. The market's resilience has been repeatedly tested this year with demand for bonds rebounding despite numerous potential stumbling blocks.
The annual supply of new investment-grade bonds surpassed $1 trillion on Tuesday, a day earlier than it did last year, buoyed by a massive wall of debt coming due, an unpredictable US leader and the favorable borrowing backdrop.
This story was produced with the assistance of Bloomberg Automation
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